AUD/USD Price Analysis: Marches towards previous support near 0.6650

AUD/USD picks up bids to refresh intraday high, extends the previous day’s rebound.
Downbeat oscillators fail to back Thursday’s U-turn from 38.2% Fibonacci retracement.
Bottom line of bullish channel prods Aussie pair’s immediate upside.

Anil Panchal FXStreet

AUD/USD stays on the front foot around 0.6640 as it defends the previous day’s gains after bouncing off a six-week low. In doing so, the Aussie pair approaches the support-turned-resistance line stretched from early March, forming part of the previous bullish channel.

It’s worth noting, however, that the bearish MACD signals and sluggish RSI (14), can challenge the AUD/USD bulls around the 0.6655 previous support.

In a case where the Aussie buyers manage to cross the 0.6655 hurdle, its run-up towards the 50% Fibonacci retracement level of the June-October 2022 downturn, near 0.6725, can’t be ruled out.

However, the 100-DMA and the top line of the aforementioned channel, respectively near 0.6795 and 0.6835, can challenge the AUD/USD bulls afterward.

Should the Aussie pair buyers manage to keep the reins past 0.6835, they can retake the driver’s seat.

Meanwhile, the 38.2% Fibonacci retracement level of 0.6595 restricts the immediate downside of the AUD/USD pair. Following that, the yearly low marked in March around 0.6565 will be in the spotlight.

If the AUD/USD bears manage to conquer the 0.6565 support, multiple levels near 0.6530-25 can challenge the Aussie pair’s downside before giving control to the sellers.

Overall, AUD/USD remains on the bear’s radar even if the upside room appears limited.

AUD/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6635
Today Daily Change	0.0005
Today Daily Change %	0.08%
Today daily open	0.663

Trends
Daily SMA20	0.6694
Daily SMA50	0.6703
Daily SMA100	0.6795
Daily SMA200	0.6738

Levels
Previous Daily High	0.6636
Previous Daily Low	0.6595
Previous Weekly High	0.6772
Previous Weekly Low	0.6678
Previous Monthly High	0.6784
Previous Monthly Low	0.6564
Daily Fibonacci 38.2%	0.662
Daily Fibonacci 61.8%	0.6611
Daily Pivot Point S1	0.6605
Daily Pivot Point S2	0.658
Daily Pivot Point S3	0.6565
Daily Pivot Point R1	0.6645
Daily Pivot Point R2	0.6661
Daily Pivot Point R3	0.6686

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD recovers above 1.3200 as USD loses traction

GBP/USD is rebounding toward 1.3250 in the European session on Monday. The pair recovers ground as the US Dollar uptrend falters and traders resort to profit-taking ahead of Tuesday's US-Iran peace talks and Fed Chair Kevin Warsh's appearance on Wednesday at the ECB Forum.

EUR/USD hold gains around 1.1400 amid US Dollar weakness

EUR/USD is attempting a tepid bounce above 1.1400 in European trading on Monday, helped by a broadly weaker US Dollar. Traders continue to assess the developments surrounding talks to end the US war with Iran. The European Central Bank's annual forum and the US June employment data will be the highlights later this week.

Gold stays in red near $4,050 as US-Iran clash revives inflation fears

Gold price remains in the negative territory around $4,050 in Monday's European trading. The bullion struggles as military clashes between the United States and Iran in the strategic Strait of Hormuz have revived inflation concerns, bolstering Fed rate hike expectations. However, a broad US Dollar retreat is helping limit Gold's downside.

Pi Network risks fresh record low as bears tighten their grip

Pi Network price edges lower on Monday, threatening a steeper correction below the all-time low of $0.1184 recorded on June 6. The negative funding rate reaffirms the sell-side dominance as the Pi2Day excitement fades. From a technical perspective, PI continues its bearish spiral, with downside momentum gaining traction despite oversold warnings.

How Kevin Warsh upended the game plan for Gold

Something is breaking inside the Federal Reserve's new strategy, signaling a massive regime change for macro markets. Under the leadership of newly appointed Fed Chair Kevin Warsh, the traditional framework of forward guidance and predictable rate paths could be dismantled soon.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.